WeDoctor to Cut Workforce After Delay in Going Public, Sources Say
- Startup now exploring a SPAC merger instead of traditional IPO
- Beijing crackdown disrupted many plans for public offerings
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WeDoctor, one of China’s leading online health-care platforms, is laying off a substantial chunk of its workforce after plans for an initial public offering were disrupted, according to people familiar with the matter.
The Tencent Holdings Ltd.-backed startup has already trimmed back to about 3,000 employees from about 4,000 last year, said the people, asking not to be identified because the details are private. WeDoctor will likely cut more jobs to a total of mid- to low- 2,000s, they said. It will also reduce base salaries and shift compensation for some people to performance-related bonuses, they said.